NEW: Guidance for Self-Employed, 1099ers & Independent Contractors

Massachusetts District Office – April 2020

u s small business administration

*UPDATE* Guidance for Self-Employed, 1099ers & Independent Contractors

PPP

(above: national numbers reporting)

On 4/14/20, the SBA released guidance on “Interim Final Rule – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans Applicable Affiliation Rules” highlighting frequently asked questions for PPP loan applicants who are… 

Individuals with Self-Employment Income who File a Form 1040, Schedule C

 

Please review the 19-page document to answer the following questions:

  • I have income from self-employment and file a Form 1040, Schedule C. Am I eligible for a PPP Loan?
  • How do I calculate the maximum amount I can borrow and what documentation is required?
  • How can PPP loans be used by individuals with income from self-employment who file a 2019 Form 1040, Schedule C?
  • Are there any other restrictions on how I can use PPP loan proceeds?
  • What amounts shall be eligible for forgiveness?
  • What documentation will I be required to submit to my lender with my request for loan forgiveness?
  • Are eligible businesses owned by directors or shareholders of a PPP Lender permitted to apply for a PPP Loan through the Lender with which they are associated?
  • Are businesses that receive revenue from legal gaming eligible for a PPP Loan?
  • Do the requirements for loan pledges under 13 CFR 120.434 apply to PPP loans pledged for borrowings from a Federal Reserve Bank (FRB) or advances by a Federal Home Loan Bank (FHLB)?

 >>> go to SBA Guidance document FAQs

Please direct all inquiries and questions to our District Office email at:

MassachusettsDO@sba.gov


WHERE DO I GO NEXT?

FREE and confidential counseling services are available across the Commonwealth. 

 

Virtual education, training and networking sessions are happening daily.

 

Please schedule a virtual session with any of our Resource Partners below…

Email


Resource Partner Network

MSBDC

WE ARE OPEN FOR BUSINESS!

Staff are working remotely and can be reached via email or telephone. MSBDC is committed to supporting entrepreneurs during these very challenging times.

Request for Counseling

MSBDC advisors can assist businesses with disaster loan applications.

If you are not currently a client and would like to speak with a counselor, please find your region and reach out to the REGIONAL OFFICE SERVING YOU.

Berkshire Regional Office
33 Dunham Mall, Suite 103
Pittsfield, MA 01201
413-499-0933 | Fax: 413-499-3005
www.msbdc.org/berkshire

Central Regional Office
Clark University
The Carriage House, 125 Woodland Street
Worcester, MA 01610
508-793-7615 | Fax: 508-793-8890
www.clarku.edu/offices/sbdc

Northeast Regional Office  (SPANISH-SPEAKING COUNSELOR)
Salem State University
121 Loring Avenue, Suite 310
Salem, MA 01970
978-542-6343 | Fax: 978-542-6345
www.salemstate.edu/sbdc

Procurement Technical Assistance Center
Scibelli Enterprise Center
1 Federal Street, Building 1
Springfield, MA 01105
413-545-6303 | Fax: 413-737-2312
https://www.massptac.org

Southeast Regional Office
200 Pocasset Street
Fall River, MA 02721
508-673-9783 | Fax: 508-674-1929
www.msbdc.org/semass

Western Regional Office
Scibelli Enterprise Center
One Federal Street, Building 101
Springfield, MA 01105-1160
413-577-1768 | Fax: 413-737-2312
www.msbdc.org/wmass

 


SCORE BOSTON

Request for Counseling

Counseling Sessions with BOSTON SCORE CHAPTER:
If you want to speak with a counselor, SCORE is doing tele-consults. Just pick a date and time to schedule a session and enter your contact info, mentors are doing sessions by phone and Zoom video app. 

Reach out to other SCORE CHAPTERS throughout the state below.

SCORE Boston Chapter

SCORE Worcester Chapter

SCORE Northeastern Massachusetts Chapter

SCORE Southeastern Massachusetts Chapter

SCORE Western Massachusetts Chapter

SCORE Cape Cod Chapter

SCORE Rhode Island (Serving Fall River, New Bedford)

 


CWEWomen's Business Centers

 

Eastern Massachusetts Center – Boston
44 School St., Suite 200
Boston, MA 02108
info.EasternMA@cweonline.org

Central Massachusetts Center – Westborough
69 Milk St., Ste. 217
Westborough, MA 01581
info.CentralMA@cweonline.org

Veterans Business Outreach Center of New England (VBOC of NE)
132 George M. Cohan Blvd.
Providence, RI 02903
info.VBOC@cweonline.org


BREAKDOWN BY STATE

MASS: 27,315 Loans Approved

DOLLAR AMOUNT: $7,073,245,593

PPP 2

PPP 4PPP 3


UPCOMING Virtual Events

Wednesday, 4/15/20 at 1pm
Business Resiliency Webinar: Keeping the Lights On

Wednesday, 4/15/20 at 11am
SBA Disaster Assistance Program Info

Wednesday  4/15/20 at 12:30pm
Navigating Change in a Time of Crisis

Wednesday, 4/15/20 at 3:30pm
Honing In Your Message on Social Media to be Contextually Relevant

Thursday  4/16/20 at 10am
Intellectual Property for Small Businesses

Thursday  4/16/20 at 2pm
What Businesses are Doing to Reorganize and Realign

Thursday  4/16/20 at 6pm
Business Succession Planning Workshop

Friday, 4/17/20 at 10:00am – 10:45am
Worcester Business Journal Cares Act Update

Wednesday  4/29/20 at 10am
Funding Options – What to consider and Where to Find It.

WBJcape


Disclaimer: The SBA does not endorse the organizations sponsoring linked websites, and does not endorse the views they express or the products/services they offer.  All programs and services are extended to the public on a nondiscriminatory basis. 


small biz guidance new.jpg
GovDelivery logo